Foreclosure in Statesville>Question Details

Linda, Home Seller in Statesville, NC

working with an investor, is he required to disclose the bank's final price?

Asked by Linda, Statesville, NC Mon Oct 13, 2008

An investor has been working with my lender to get my house approved for a short sale. I have signed for the investor to discuss things with my lender. How will I know the final approved settlement amount?

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Once the bank accepts the offer, they will send teh paperwork for you to sign where you will see the price. This is a little dangerous for you, as you also need to know negotiate what will happen with the deficency which is the difference on the total you owe versus the total the bank will receive from the short sale,. the bank will look at your ability to pay and ask you to sign a note for the difference, or ask you for payments or if yiou have no ability they will send you a 1099 and write the balance off however you will be responsible for paying taxes as the government looks as a write off as a gain for you. Good luck with working it out
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